Cbdc Anti-Surveillance State Act

Floor Speech

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Mr. OGLES. Mr. Chair, my amendment adds the sense of Congress that the Board of Governors of the Federal Reserve System should not be permitted to develop, create, or implement a central bank digital currency or use any such tool to implement monetary policy.

A major concern surrounding a government-run CBDC is the potential for the government to block transactions and exert control over people's finances. Not only that, but it would give the Federal Government unprecedented power to intervene in private transactions, deciding who can buy and sell and what they can buy and sell.

It would also give the government unprecedented access to information about their daily lives. The government could keep a record of every transaction.

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Mr. OGLES. Mr. Chairman, I yield 2 minutes to the gentleman from Arkansas (Mr. Hill).

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Mr. OGLES. Mr. Chairman, there is a reason that China, under the rule of the totalitarian Chinese Communist Party, has the most developed CBDC program. It is about control. Their CBDC enables them to combine intrusive monitoring of the public and control their lives with their Orwellian social credit scores.

Take what Canada did by cutting off money for the truckers. Look at what China is doing. If we go down this path, we are heading toward an Orwellian nightmare.

My sense of Congress doubles down on the fact that the greenback is the reserve currency of the world. A CBDC undermines that, and it should not be pursued.

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Mr. OGLES. Mr. Chairman, my amendment is simple, because it underscores that the Federal Reserve should not move forward with implementing a CBDC or use any policy that would forward that action.

Mr. Chairman, I am prepared to close, and I reserve the balance of my time.

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Mr. OGLES. Mr. Chairman, I urge adoption of my amendment. It is clear. It is concise. It is simple. It is just good policy.

Mr. Chair, I yield back the balance of my time.

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